After the USD/JPY pair fell to support 135.34 on Tuesday, the price continues to stay at this price channel line until this morning. The Marlin oscillator is rising, the price has an opportunity to rise to 137.12. Crossing this level will make the 138.78 target available. Settling below 135.34 will open the 133.26 target.
Taking into account the sharp price decline on Tuesday (-211 points), which is not typical of the growing correction (which started on December 5), the main scenario is the pair falling to the nearest support at 133.26.
On the four-hour chart, the price is above 135.34, the Marlin oscillator is rising in the area of the downtrend. The price could rise a bit, to the resistance of the MACD line (136.30), from which a reversal with the 133.26 target is likely.